U.S. stock futures rose on Thursday, looking to recover from recent losses as investors looked for inspiration in new quarterly results as hopes for an early 2024 interest rate cut faded.
S&P 500 (^GSPC) futures rose about 0.4%, and tech-heavy Nasdaq 100 (^NDX) futures rose 0.7%. Dow Jones Industrial Average (^DJI) futures remained flat.
Technology companies are leading the way, following a bullish AI revenue outlook from TSMC (TSM), a major supplier to Apple (APPL) and Nvidia (NVDA). Taiwan’s contract semiconductor maker’s profits fell but beat Wall Street expectations. Shares of AMD (AMD) and other chipmakers rose further in the session, with TSMC up nearly 7%.
Stocks continue to struggle to get back on track this year as comments from central bank officials and mixed economic data test investors’ confidence in the Federal Reserve’s policy shift. The odds of a rate cut in March have fallen by 10 percentage points from a week ago, traders said. Through the CME FedWatch tool.
read more: Impact of the Fed’s interest rate hike suspension on bank accounts, CDs, loans, and credit cards
All eyes will be on Thursday’s weekly jobless claims numbers, as investors look to the latest data to confirm expectations. The number of housing starts and building permits for December is also included in the plan.
Also in the spotlight is Atlanta Fed President Rafael Bostic, who is scheduled to appear twice today and will be closely watched to see if he strays from his colleagues’ opposition to betting on lower interest rates.
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